Apple has officially announced the latest iteration of iPad – The “iPad Air”. As the name suggests it weighs only at 1 pound. Its bezel has been shrinked without compromising on screen real estate. Apple says it’s 20 percent thinner and only 7.5mm thick.

The iPad Air features the latest 64-bit A7 Chip under the hood with Retina Display as expected. Apple says is 8 times faster and has 72 times better graphics performance than the old processor. It also has a 5-megapixel iSight camera and FaceTime HD front-facing camera. The facetime camera is BIS (Backside Illuminated) for better low light performance. Battery life is expected around 10 hours.

It will be available in US, UK, China and Japan from November 1st starting at $499 for wi-fi and $699 for the cellular version.